FX Industry Hires and Exits: Morgan Stanley & Citigroup

As the end of the summer edges closer, most FX companies are restructuring or hiring staff in order to improve their bottom line. Morgan Stanley has moved Thiago Melzer, who was the managing director and foreign exchange options head for Americas to London as the new global head of FX options.

Melzer, who has been with the US lender since April, was based in New York after joining from Santander where he worked as a trader in Sao Paulo for close to five years.

Elsewhere, Stuart Sopp has resigned from his position as the G-10 FX head at Morgan Stanley after having worked with the bank for five years. His departure comes hot on heels after that of his former boss Steve Glynn, who headed FX and emerging markets and fixed income for Asia in Hong Kong.

Meanwhile, Danny Wise has been hired as Europe’s head of G-10 FX trading by Citigroup Inc. Mr. Wise, who will be based in London, will begin working on Monday. He previously worked at Credit Suisse before he got retrenched as part of the bank’s cost-cutting measures.

Mr. Wise’s appointment is the first time a senior role has been filled since the global investigations into the allegations of FX benchmark rates manipulation began early this year. Citigroup is one of the banks that have either suspended or fired staff pending investigations, reported Wall Street Journal.

Two senior FX executives at Citigroup have exited the bank since the beginning of this year, including Jeff Feig, the global head of FX. Feig was replaced by James Bindler in the same capacity, with more responsibilities. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

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